Blog

New Mortgage Rules and my Thoughts

The sky will not be falling on the Kingston Housing Market any time soon. The New rules will likely slow the market somewhat and may stall home value increases but will not stop most people from buying. They rules all in all are not a bad thing for the market. Also… Don’t forget, if needed i’m sure the 30, 35, and even the 40 year mortgages could return. But I wouldn’t hold my breathe.

Here are the High-lights:

Maximum Amortization Period

The maximum amortization has been reduced to 25 years from 30 years.

Refinance Maximum Loan to Value

The maximum loan to value for 1-4 unit residential properties will be reduced to 80% from 85%.